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BSP urge people to save money in banks

LAOAG CITY, May 18 (PIA) — The Bangko Sentral ng Pilipinas (BSP) is urging people to save money in banks, after a survey came out which shows that eight out of 10 households in three regions in the country do not have bank accounts.

A Consumer Finance Survey (CFS) that the BSP conducted from 2008 to 2010 show that among 10,520 households in Regions 1, 7 and 11 including NCR showed that 78.5 percent do not have a deposit account.

Among the reasons cited by the respondents for the absence of a deposit account ranged from insufficient money for deposit, bank account was unnecessary or the minimum balance was too high.

Other respondents found having an account unnecessary or if they had, it was difficult to manage and that they did not want to deal with banks or financial institutions.

To address the respondents’ non-interest in banking, the BSP said it will continue to reach out to those who are “unbanked” by making financial services more accessible to the populace.

The BSP, in its recommendations, also said it will continue to educate Filipino households on the advantages of saving money in the banks and in investing in various forms of financial ventures.

Since 2010, the BSP had been doing the rounds of provinces conducting seminars on financial ventures through the Economic and Financial Learning Program.

The program is meant to promote awareness and understanding of economic and financial issues to help the public develop the skills in forming well-informed choices.

The CFS results also pushed the BSP to affirm its commitment in providing a wide range of financial services from credits, savings, payments and insurance to serve the demands of various market groups.

The BSP presented the results of the survey in a forum before the Ilocos Norte media on Monday. (ANL/CCA-PIA1 Ilocos Norte)